Transactions completed in Sterling Heights, Mich., Austin, Texas, and Miami

CHICAGO (May 19, 2022) – Alliant Credit Union announced that it has closed $36.6 million in financing for industrial and industrial flex transactions. The transactions encompassed a $16 million upsized refinancing in Sterling Heights, Mich.; a $10.6 million acquisition loan in Austin, Texas; and a $10 million acquisition loan in Miami.

“Investors continue to be attracted to various use of properties in the booming industrial sector,” said Paul Letourneau, Manager, Commercial Loan Originations, Alliant Credit Union. “With tailored financing, borrowers are well-positioned to execute their business plans for the properties and benefit from continued demand for industrial and industrial flex assets.”

$16 million upsized refinancing for Sterling Heights, Mich., industrial property

In Sterling Heights, Mich., Alliant closed a 5-year plus $16 million refinancing loan for 370,656-square foot industrial building with approximately 47,856 square feet of office space. The refinancing was strategically executed to take advantage of fast-moving interest rates and the property’s appreciation in value over the past five years.

The borrower was a private investor group that closed the original, smaller loan with Alliant in December 2017. The property has enjoyed consistent occupancy and is located approximately 20 miles north of downtown Detroit, within a significant industrial corridor. The new loan included an upsize of the loan amount to recapture equity for the sponsors.

“This asset is a high-quality industrial property in a booming submarket of Detroit,” said Yonah Sturmwind, Commercial Lending Specialist Originator, Alliant. “Alliant was pleased to work with one of our existing borrowers in order to refinance the current loan and provide them with more advantageous terms.”

$10.6 million acquisition loan for industrial flex property in Austin, Texas

In Austin, Texas, Alliant provided a $10.6 million loan for the acquisition of a 77,985-square-foot industrial flex property comprising four single-story buildings offering a mix of office and warehouse space. The property is over 90% occupied by 17 tenants.

Terms of the 5-year Alliant loan included a rate lock, full-term interest-only payment structure, and flexible prepayment penalty. The borrower was a private investor group. Ron Granite and Jason Hochman of Cushman and Wakefield referred the transaction to Alliant.

Constructed in 1986, the well-maintained Springwoods Business Center is located about 13 miles north of downtown Austin, in a growing suburb with access to main thoroughfares and freeways. The northwest submarket is the center of Austin’s high-tech sector and one of the most attractive for corporate relocations in the region. Dozens of well-known technology companies have recently announced efforts to relocate or expand their operations in the Austin area.

“We worked with accomplished and highly experienced real estate investors to allow them to acquire this well-located, desirable property,” said Jeff Joyner, Commercial Loan Originator, Alliant.  “Austin’s employment base is growing as companies expand or relocate to the area, following strong population growth and demand. We are excited to be part of Austin’s boom.”

$10 million acquisition loan for Miami multi-tenant industrial property  

In Miami, Alliant closed a $10 million loan for the acquisition of a 48,355-square-foot multi-tenant industrial flex property. The property encompasses two single-story buildings built in 1972 and 1974, and renovated in 2018 into office and warehouse space.

The property is 93% occupied, with only one vacant unit. Terms of the 7-year Alliant loan included an early rate lock, 30-year amortization schedule, earn-out, an interest-only period and flexible yield maintenance for early repayment. The borrower was a private investor group. Brandon Perdeck of Aries Capital referred the transaction to Alliant.

The property is located in the Little River neighborhood north of the Miami Design and Historic districts and easily accessed on its western boundary from Interstate 95. In recent years, the area has attracted investors opportunistically redeveloping legacy industrial properties into industrial flex, retail, office and multi-family space. Historically, the Miami industrial flex market has enjoyed strong occupancy levels, positive absorption of new supply, and consistent growth in rental rates—trends expected to continue through 2025.

“We were pleased to provide financing for a property in this thriving neighborhood of Miami,” said Jeff Joyner, Commercial Loan Originator, Alliant. “The overall strong metrics of the property, combined with high demand drivers in the submarket, allowed Alliant to provide tailored financing for the borrower.”

About Alliant Credit Union

Headquartered in Chicago and founded in 1935, Alliant Credit Union is one of the 10 largest credit unions in the United States, with more than 650,000 members and over $15 billion in assets. As a digital credit union, Alliant’s mission is to provide members consistently superior financial value while simplifying and enabling how people save, borrow and pay. Find out more at

Want to keep reading? This content is for subscribers only.

Log In Register